The present invention relates generally to purchase transactions and, more particularly, to a system and method for correlating a check tendered in payment for a purchase to the purchase transaction.
A consumer in today""s marketplace has a variety of options with regard to where to purchase goods and/or services as well as how to pay for the purchase. A consumer may purchase goods and/or services from a retail store, on-line (i.e. via the Internet), via the telephone, or via mail order. A purchase of goods and/or services from anywhere via any means constitutes a purchase transaction. In all purchase transactions there is payment for the goods and/or services. Payment may be made in cash, by check, by credit card, by debit card, or any other method.
As evidence of the purchase transaction, a receipt is generated and given to the consumer (buyer). Because the purchase transaction is typically entered into a computer controlled device to calculate the sale, compute sales tax, and perform various other functions, it is known to provide an electronic or digital receipt for the purchase of such goods and/or services. The digital receipt is generated and stored by the business and then delivered via electronic mail (e.g. by e-mail via an electronic network) to the customer/purchaser. Electronic mail, using either a public or open network such as the Internet, or a proprietary network, is a simple means of communicating digital information (i.e. the digital receipt) from one location to another location. Digital receipts are easily stored and retrieved. As such, the data contained in digital receipts is easily accessible. Thus, the digital receipt provides a means for retailers, merchandise suppliers, distributors and Internet retailers to provide purchase transaction and other information to the consumer.
In U.S. Pat. No. 5,739,512 entitled Digital Delivery of Receipts, issued on Apr. 14, 1998 to Tognazzini, there is disclosed a system that that stores or transmits receipt information digitally for later use. The receipt information may be delivered over a proprietary or an open network such as the Internet to an email address. The e-mail address is embedded into a bank card or other machine readable card that is used for the purchase.
Even though the Tognazzini patent discloses a system that can generate and send an electronic receipt to a customer, such delivery of an electronic receipt does not provide further value to either the customer or retailer other than the compilation of data inherent in an electronic receipt, the quick delivery thereof, and the convenience of electronic retention. It does not provide a correlation to a check tendered for payment.
A problem exists in the digital receipt domain for payments made by non-cash, non-credit/debit cards, such as by checks. When a consumer makes a payment by check, the funds are not immediately transferred or credited to the seller. As well, it is difficult to trace the check to the particular purchase transaction. With payment by cash, the transfer of funds is immediate. There is no need to xe2x80x9ctracexe2x80x9d the payment. As well, with payment by debit card, the transfer of funds is immediate. Additionally, there is a transaction number associated with the debit card payment that is assigned by the debit card company (i.e. bank), the seller, or both. Therefore, the payment by debit card is traceable. With payment by credit card, the transfer of funds is likewise immediate and there is a transaction number associated with the purchase transaction that is assigned by the credit card company, seller, or both. Again, the payment by credit card is traceable.
However, with payment by check, there is no immediate transfer of funds. As well, the tendered check is not in any manner associated with the purchase transaction. The check must be forwarded to a clearing house, then to the bank for verification and/or validation for payment to the seller. In cases where the seller verifies the check during the purchase transaction, the tendered check is not associated with the purchase transaction. Thus, the consumer and/or seller cannot readily verify and/or validate that a particular check was tendered in payment for the goods and/or services purchased. This is especially a problem in Internet retail or in any sale where a check is tendered after the purchase transaction, particularly in C.O.D. (cash on delivery) situations. An additional challenge is presented by returns and verification processes. In the cases where the check is received after shipment of the goods or performance of the services, it is difficult for the seller to correlate a check payment with the goods sold and/or services rendered.
What is therefore needed is a system and/or method for correlating a payment for a purchase to the purchase transaction and/or to purchased items, merchandise, and services.
What is therefore further needed is a system and/or method for correlating a check tendered as payment for a purchase to the purchase transaction and/or purchased items, merchandise, and services.
The present invention provides a system, method and apparatus for correlating a payment for a purchase to the particular purchase transaction. Such correlation aids in the verification and/or validation of the payment for the purchase, especially in the context of an electronic purchase transaction environment. In on respect, the check is indexed to purchases and/or purchase transactions.
In particular, the present invention provides a system, method and apparatus for correlating a payment made by a check for a purchase, to the purchase transaction via a tender code. More particularly, the tender code is associated with the check and a digital receipt generated for the purchase transaction. The tender code may be encrypted and include auxiliary data. The auxiliary data may be embedded in to the tender code or appended thereto.
In one form, the present invention is a method of correlating a check to a purchase transaction. This method may be carried out, for example, utilizing a variety of computer controlled devices, one of which is the retail terminal presented herein. The method includes the steps of (a) receiving a check as payment for a purchase transaction; (b) generating a tender code for the purchase transaction; (c) associating the tender code with the check; (d) generating a digital receipt for the purchase transaction; and (e) associating the tender code with the digital receipt. Associating the tender code with the check may include printing the tender code onto the check.
In another form, the present invention is a method of correlating a check given in payment for a purchase to the purchase transaction. The method comprises the steps of: (a) receiving a check given in payment for a purchase transaction; (b) generating a digital tender code unique to the purchase transaction; (c) producing a digital receipt of the purchase transaction; (d) appending the digital tender code to the digital receipt; and (e) affixing the digital tender code to the check. The digital tender code may be affixed to the check during a check verification process.
In yet another form, the present invention is a computer controlled device for correlating a check to a purchase transaction. The device includes a processing unit, memory and a slip printer in communication with the processing unit. The memory is in communication with the processing unit and contains a plurality of instructions or code. The plurality of instructions, when executed by the processing unit, causes the processing unit to: (i) provide a tender code in response to receipt of a check as payment for a purchase transaction; (ii) print the tender code onto the check utilizing the slip printer; (iii) generate a digital receipt for the purchase transaction; and (iv) append the tender code to the digital receipt.
In still another form, the present invention is a retail terminal. The retail terminal includes a processing unit, a network interface, memory, and a printer. The network interface is in communication with the processing unit and operable to be in communication with an electronic network. The printer is in communication with the processing unit. The memory is in communication with the processing unit and has stored therein a plurality of instructions which, when executed by the processing unit, causes the processing unit to: (i) generate a digital tender code in response to receipt of a check as payment for a purchase transaction; (ii) print the digital tender code on the check with the printer; (iii) generate a digital receipt for the purchase transaction; and (iv) append the digital tender code to the digital receipt. Additionally, the digital receipt may be forwarded via the electronic network to a data warehouse for storage.
The present invention provides indexing of the check to the purchase transaction. Secure coding aids in resolving fraudulent transactions for returned merchandise. Further, the present invention provides verification of receipt and delivery. Further, the present invention provides a link through the digital receipt for the business to accumulate behavioral information for future marketing and merchandising.